Here is a quick guide to how to file for bankruptcy if you own a business.
There are many kinds of bankruptcy. A Chapter 7 filing involves the total liquidation of assets and dissolution of your business. Chapters 11 bankruptcy and Chapter 13 bankruptcy allow for protection from creditors and allow you to repay debts over a period of three to five years. Chapter 13 bankruptcy can be used by sole proprietorships and partnerships with secured debts of less than $807,750 and unsecured debts of less than $269,250. Family farmers can also file for protection under Chapter 12 bankruptcy.
Filed under Bankruptcy by 